Sometimes in a divorce, your ex-spouse may feel entitled to a certain property they hold dear – even though you contributed to its acquisition. As a result, you may not get the share you deserve if they fail to disclose such assets to the court before the division of assets and property after a divorce.
Keep in mind that you might have to restructure your financial plans following divorce. Therefore, every coin matters, and you need to be keen that nothing is left off the table regarding property division.
Red flags that should warn you something is wrong
It is essential to look out for any signs that may point towards an anomaly. They include:
- Suspicious transactions in the lead up to divorce proceedings
- Suddenly secretive behavior and negative reactions to questions revolving around finances
- Their bank statements are no longer mailed home
- Undervaluation or omission of some properties
- They are living a lavish life despite pleading poverty
- They make large “loans” to their family or friends
Your ex may be a bit less obvious when hiding property, and you need to consider having a professional audit their paper trial if you have any suspicions. Note that bank records and other financial transactions can be subpoenaed or obtained through other legal means if they are not availed voluntarily.
It is illegal to hide assets during a divorce
Protecting your rights and interests involves knowing the steps to take if you find out that your ex is being dishonest. Remember, the burden of proof is on you to show that your ex was not forthcoming with the truth.
Should you prove your claims that your ex deliberately failed to disclose some assets as required by law, they could be penalized in several ways. Firstly, they could be charged with perjury for lying under oath. Secondly, the court may award you the majority of or all property ownership rights of the asset under consideration.